Digital asset management technology METACO announced that the Union Bank from the Philippines is now survive its flagship platform Harmonize, to produce an airplane pilot program for crypto child custody and buying and selling services for select retail customers.
The pilot includes bitcoin (BTC) and ethereum (ETH).
According to an announcement, UnionBank launching this pilot program is “a major advance within the bank’s search for blockchain technology,” which follows its previous digital asset initiatives, such as the launch of their stablecoin for remittance payments and entering the metaverse economy.
Henry Aguda, Chief Technology & Operations Officer and Chief Transformation Officer at UnionBank, was quoted as stating that,
“We are proud to carry on UnionBank’s number of industry firsts, this time around to be the first controlled bank in the united states allowing digital foreign exchange feature for clients.”
UnionBank utilizes digital asset child custody platform Harmonize as “the foundational orchestration platform” and “a fully managed service deployed within the cloud,” thus managing governance and processes for that pilot, the organization stated, as the bank is get yourself ready for a “wider rollouts” of their digital asset services.
Seamus Donoghue, Chief Growth Officer at METACO, stated that,
Harmonize “provides UnionBank using the optionality to safely explore a variety of retail and institutional digital asset use-cases, from crypto child custody, investment and buying and selling, towards the fast-growing Metaverse economy within the Philippines.”
When it comes to its intends to expand the service, the pr release noted the bank is “working closely” using the financial regulators and industry participants. The aim is,
“For countless Filipinos to child custody and exchange digital currencies for example Bitcoin, directly from their existing mobile banking application, with no need to open or manage separate wallet services.”
UnionBank is among the largest universal banks in the Philippines, and contains been granted a crypto license underneath the supervision of the Bangko Sentral ng Pilipinas (BSP).
The pr release added the technology are used to grow financial inclusion in the united states, stating that,
“Obama from the Philippines, Ferdinand Romualdez Marcos Junior, heralded the significance of blockchain and digital asset technologies in the recent opening of UnionBank’s Innovation Campus, outlining the strength of we’ve got the technology in furthering financial inclusion within the Philippines.”
Founded in 2015 in Europe, METACO is really a technology provider to banking institutions and corporations within the digital asset ecosystem, with bank implementations in a variety of regulatory jurisdictions, including Europe, Germany, France, Uk, U . s . States, Poultry, Singapore, Australia, and Hong Kong, stated the organization.
Banks piloting in to the digital economy
Banks are more and more dealing with crypto industry companies and regulatory government bodies on various pilots associated with digital asset services.
On Thursday, the Financial Authority of Singapore (MAS) announced the very first live trades finished in the very first industry pilot underneath the Project Protector, which explores potential decentralized finance (DeFi) applications in wholesale funding markets.
It mentioned that, underneath the first industry pilot, DBS Bank, JP Morgan, and SBI Digital Asset Holdings conducted foreign currency and government bond transactions against liquidity pools comprising tokenized Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (JPY), and Singapore Dollar (SGD).
The pr release stated that,
“A live mix-currency transaction involving tokenised JPY and SGD deposits was effectively conducted. Additionally, a simulated exercise was performed relating to the exchanging of tokenised government bonds.”
In addition, additional pilots happen to be launched to check the use of asset tokenization and DeFi across a wider selection of use cases within the financial sector, it added.
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Find out more:
– World’s Largest Custodian Bank BNY Mellon Launches Crypto Child custody Service
– DBS Adopts DeFi Protocols for Forex & Government Securities Transactions
– US Sullivan Bank Partners with Bakkt to allow BTC
– South Korea’s SK Securities to Get together with Regional Bank for Crypto Child custody, NFT Move
